Milton Friedman: The closest thing to a free lunch [video]

Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, leader of the Chicago School of economics, gave this prescient address at the Cato Institute in 1993. While lengthy [49:93] this superb performance shows one of the great minds of the 20th century at his best.

Jeremy Grantham: Why we are all toast if we don't change [video]

Charlie Rose interviews Jeremy Grantham
Charlie Rose interviews Jeremy Grantham

This lengthy [53:39] video is a must watch. Click on the image and video will open in a new window.

Milton Friedman – The Free Lunch myth [video]

Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, was one of the most recognizable and influential proponents of liberty and markets in the 20th century, and the leader of the Chicago School of economics. Here he gives his views on the myth of the free lunch.

Milton Friedman: The foundations of freedom [video]

Nobel Laureate Dr. Milton Friedman gives his thoughts on the importance of maintaining the foundations of freedom, in 2009.

Australia: Interview with Hawke & Howard

Ray Martin’s interview with former PM’s Bob Hawke and John Howard, November 2012

Time for U.S. to Disengage from North Korea Crisis | Cato Institute

Doug Bandow suggests:

Washington should begin contemplating, within earshot of Beijing, getting out of the way of its allies if the North continues to develop nuclear weapons. The message to China should be: if your client state continues its present course, you may face a nuclear-armed Japan. If that happens, blame your buddies in Pyongyang.

Read more at Time for U.S. to Disengage from North Korea Crisis | Doug Bandow | Cato Institute.

Japan, China Scramble Military Jets in East China Sea

J. Michael Cole writes:

Ian Bremmer, founder and president of the geopolitical consulting firm Eurasia Group, told CNN this week that, “The danger of China-Japan conflict in 2013, for me, is the single biggest geopolitical tension that is underappreciated right now and one we’re going to have watch very carefully.”

Read more at Japan, China Scramble Military Jets in East China Sea.

Taoism and Libertarianism

George H. Smith at Libertarianism.org draws parallels between Libertarianism and Taoism, quoting from the Tao Te Ching:

If you want to be a great leader,
you must learn to follow the Tao.
Stop trying to control,
Let go of fixed plans and concepts,
and the world will govern itself.
The more prohibitions you have,
the less virtuous people will be.
The more weapons you have,
the less secure people will be.
The more subsidies you have,
the less self-reliant people will be.
Therefore the Master says:
I let go of the law,
and people become honest.
I let go of economics,
and people become prosperous.
I let go of religion,
and people become serene.
I let go of all desire for the common good,
and the good becomes common as grass.

Taoism identifies the following five principles of leadership:

  1. If leaders have no clear direction they will confuse their followers. To achieve clarity of mind, eliminate the unnecessary.
  2. A clear mind leads to simplicity in thought and action.
  3. A good leader is adaptable. Like water, they are yielding and pliable but “yielding water dissolves the hardest stone.”
  4. A good leader reflects the will of the people. They pay attention and listen. They follow, rather than lead.
  5. A good leader is sparing in exerting authority. They know when to stand aside and not interfere.

The best leaders are those their people hardly know exist……

The best leaders value their words, and use them sparingly.
When they have accomplished their task,
the people say, “Amazing!
We did it, all by ourselves!”

2013 Emerging Markets Outlook | Mark Mobius

Mark Mobius from Franklin Templeton:

“One of the biggest risks I see in the year ahead is the ability of politicians in developed markets to take timely, meaningful action to address fiscal policy. If politicians can’t work together and delay any real action, there is a risk that both the U.S. and Europe could slide into recession, erasing much of the gains we generally saw in global equity markets in 2012.”

Read more at 2013 Emerging Markets Outlook | Mark Mobius Blog Investment Adventures in Emerging Markets.

WPR Article | Strategic Horizons: U.S. Must Change Its Thinking on Conflict in Asia

Steven Metz writes on China’s growing air-sea battle capability (or “high-intensity, regional military operations, including anti-access and area denial (A2AD) operations” in defense-analyst-speak):

Military capability is only part of the equation: China also has the motivation to use its growing military power. It has long-standing and unresolved territorial disputes with a number of Asia-Pacific nations. It remains dependent on imported energy and has shown a willingness to flex its muscle to protect access to its sources. And most of all, China seems determined to replace the United States as the dominant power in the Asia-Pacific region. To do this, it must negate U.S. military power and fill the ensuing vacuum with its own.

Read more at WPR Article | Strategic Horizons: U.S. Must Change Its Thinking on Conflict in Asia.